Washington State Real Estate Exam 2023 with complete solution
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Course
Washington
Institution
Washington
Washington State Real Estate Exam 2023 with complete solution
Abandonment
The voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim one's possession or interest. May pertain to an easement or a property.
Abrogation
Tenants cannot sign away their rights i...
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Washington State Real Estate Exam 2023 with complete
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Abandonment
The voluntary and permanent cessation of use or enjoyment with no intention to resume
or reclaim one's possession or interest. May pertain to an easement or a property.
Abrogation
Tenants cannot sign away their rights in advance of signing the lease.
Abstract of Title
A condensed version of the history of title to a particular parcel of real estate as
recorded in the county clerk's records; consists of a summary of the original grant and
all subsequent conveyances and encumbrances affecting the property.
Abutting
The joining, reaching, or touching of adjoining land. Abutting parcels of land have a
common boundary.
Accelerated Depreciation
A method of calculating for tax purposes the depreciation of income property at a faster
rat than would be achieved using the straight-line method. Note** any depreciation
taken in excess of that which would be claimed using the straight-line rate is subject to
recapture as ordinary income to the extent of gain resulting from the sale.
Acceleration Clause
A provision in a written mortgage, note, bond, or conditional sales contract that, in the
event of a default, the whole amount of principal and interest may be declared to be due
an payable at once.
Accretion
An increase or addition to land by the deposit of sand or soil washed up naturally from a
river lake or sea.
Accrued Depreciation
The actual depreciation that has occurred to a property at any given date; the difference
between the cost of replacement new (as of the date of appraisal) and the present
appraised value.
Acknowledgment
A declaration made by a person to a notary public, or other public official authorized to
take acknowledgments that an instrument was executed by that person as a free and
voluntary act.
Actual Eviction
The result of legal action originated by a lessor, whereby a defaulted tenant is physically
ousted from the rented property pursuant to a court order.
Actual Notice
Express information or fact; that which is know; actual knowledge.
Adjustable-rate Mortgage
A mortgage in which the interest rate changes at predetermined intervals. The mortgage
has caps, or a ceiling, that limits the amount it can change at the predetermined
intervals.
Administrator
,The party appointed by the county court to settle the estate of a deceased person who
died without leaving a will.
Ad Valorem Tax
A tax levied according to value; generally used to refer to real estate tax. Also called the
general tax.
Adverse possession
The right of an occupant of land to acquire title against the real owner, where
possession has been actual, continuous, hostile, visible, and distinct for the statutory
period.
Affidavit
A written statement signed and sworn to before a person authorized to administer an
oath.
Agent
One who represents or has the power to act for another person (called the principal).
The authorization may be express or implied. A fiduciary relationship is created under
the law of agency when a property owner, as the principal, executes a listing agreement
or management contract authorizing a licensed real estate broker to be the owner's
agent.
Agreement of sale
A written agreement whereby the purchaser agrees to buy certain real estate and the
seller agrees to sell, upon terms and conditions set forth in the agreement.
Air Lot
A designated airspace over a piece of land. Air lots, like surgace property, may be
transferred.
Air Rights
The right to use the open space above a property, generally allowing the surface to be
used for another purpose.
Alienation
The act of transferring property to another. Alienation may be voluntary, such as by gift
or sale; or involuntary, such as through eminent domain or adverse possession.
Alienation Clause
The clause in a mortgage or deed of trst that states that the balance of the secured debt
becomes immediately due and payable at the mortgagee's option if the property is sold
by the mortgagor. In effect, this clause prevents the mortgagor from assigning the debt
without the mortgagee's approval.
Alluvion
New deposits of soil as the result of accretion.
Amenitites
The tangible and intangible features that increase the value or desirability of real estate.
Americans with Disabilities Act (ADA)
A federal law that became effective in 1992. It is designed to eliminate the
discrimination against individuals with disabilities by mandating equal access to jobs,
public accommodations, public transportation, telecommunications and government
services.
Amortization
The liquidation of a financial burden by installment payments.
, Amortized Loan
A loan in which the principal, as well as the interest, is payable in monthly or other
periodic installments over the term of the loan.
Antitrust Laws
The laws designed to preserve the free enterprise of the open marketplace by making
illegal certain private conspiracies and combinations formed to minimize competition.
Violations of antitrust laws in the real estate business generally involve either price
fixing (brokers conspiring to set fixed compensation rates) or allocation of customers or
markets (brokers agreeing to limit their areas of trade or dealing to certain areas or
properties).
Appraisal
An estimate of the quantity, quality, or value of something. The process through which
conclusions of property value are obtained; also refers to the report setting forth the
process of estimation and conclusion of value.
Appraised Value
An estimate of a property's present worth.
Appreciation
An increase in the worth or value of a property due to economic or related causes that
may prove to be either temporary or permanent; opposite of depreciation.
Appurenant
Belonging to; incident to. Ex: a garage is appurtenant to a house. The common interest
in the common elements of a condominium is appurtenant to each apartment.
Arbitration
A means of settling a controversy between two parties through the medium of an
impartial third party whose decision on the controversy (it is agreed) will be final and
binding.
Assemblage
The process of merging two or more parcels of real estate to create one parcel.
Assessment
The imposition of a tax, charge, or levy, usually according to established rates.
Assignment
The transfer in writing of rights or interest in a bond, mortgage, lease, or other
instrument.
Assumption of Mortgage
The transfer of title to property to a grantee wherein he assumes liability for payment of
an existing note secured by a mortgage agaisnt the property. Should the mortgage b
foreclosed and the property sold for a lesser amount than that due, the grantee-
purchaser who has assumed and agreed to pay the debt secured by the mortgage is
personally liable for the deficiency. Before a seller may be relieved of liability under the
existing mortgage, the lender must accept the transfer of liability for payment of the
note.
Attachment
The method by which a debtor's property is placed in the custody of the law and held as
security pending outcome of a creditor's suit.
Attorney-in-fact
The holder of a power of attorney.
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